Default Research News Article

MT. PLEASANT, Pa., April 13 /PRNewswire/ -- The number of foreclosures in Clark County, Nevada, increased by 36 percent in the first quarter of 2006 compared to the same period in 2005, according to Default Research, the rapidly growing real estate research company for foreclosure properties.

"All bets are off in Las Vegas now. With rising interest rates and lower appreciation on the properties people own, it is obvious that the area could see an increase in foreclosures for the next several months," said Serdar Bankaci, president and chief executive officer of Default Research, Inc.

Another problem in Clark County that is contributing to the rising foreclosure number relates to the housing shortage in 2003 and early 2004. According to Bankaci, during that time, many investors bought up properties hoping to cash in as the property values went up through basic supply and demand.

"That gamble did not pay off because the housing shortage ended and these investors, who had no intention of living in the houses, were stuck with overpriced properties," said Bankaci, whose company provides foreclosure data that arrive two to three weeks ahead of the competition.

With the freshest pre-foreclosure leads in the nation, Bankaci's clients are almost assured to be the first to approach these property owners in financial distress. Bankaci points out that this can be an excellent opportunity for a real estate deal that will satisfy both parties.

"Many of the homeowners used 'aggressive financing' to buy homes they could not afford," said Bankaci. "So, now many of the homes we see going into foreclosure have little equity left in them. The leads provide a win-win for my clients - the owner gets out of financial distress and the investor has a chance to turn a profit on a property."

Default Research is adding a "monster of the midway" county next month - Cook County in Illinois. The expansion continues for the rapidly growing real estate research company Default Research which will begin offering leads for Cook County next month. With the addition of Cook County in Illinois, Default Research now covers eight of the ten largest counties in the nation.

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